Impacts of internal R&D on firms’performance and energy consumption:Evidence from Ethiopian firms

In recent decades,with the rapid development of the knowledge economy and science,countries have embraced technical innovation and have gradually increased investment in research and development(R&D).A vast literature indicates that the relationship between R&D and firm performance is highly complex.The evidence suggests that R&D positively influences firm performance,yet findings on the process by which this happens are mixed.Rigorous analyses are required on how R&D investments affect energy consumption.This study explores the impact of R&D investment on the performance and energy consumption of 476 firms in Ethiopia by employing a combination of fixed-effect,propensity score matching,and endogenous treatment effect estimation methods.The empirical results reveal that investment in R&D positively influences both innovation and long-term financial performance but negatively impacts short-term financial performance and energy consumption.The results also show that the impacts of R&D activities vary significantly across different categories of firms,confirming that heterogeneity may be an issue among the firms considered.The results also indicate that the availability of credit is a more important moderating factor in the relationship between R&D investment and firm performance than the legal system is.These results have important implications for firms with growing R&D operations,especially those in developing countries such as Ethiopia.Ethiopian firms should invest more in R&D activities,such as in fundamental and applied research,to improve performance and enhance competitiveness.

增强信息透明度能否提升公司价值?

为揭示上市公司信息透明度与公司价值之间的内在关联,本文应用信息经济学构建上市公司信息披露的"声誉投资"模型,对信息披露程度提高对公司价值提升进行理论推理,论证"好"公司为避免"次品车"效应造成的"价值折价",有动力进行多披露信息。为验证上市公司增加信息披露提升公司价值,本文利用托宾q对2002-2003年中国证券市场数据进行实证分析。通过对研究样本实证检验,结果显示托宾q与公司信息披露增量之间显著正相关,采取积极信息披露策略的上市公司市场价值相应较高;而信息供给程度低的上市公司市场价值相应较低。

Family involvement, family member composition and firm innovation

Based on the data of Chinese listed family firms from 2008 to 2016,we investigate the impact of family involvement on firm innovation and the moderating effect of family member composition.The results show that increased family involvement significantly reduces R&D investment intensity and the number of patent applications.With the increased richness of the kinship of family members involved in management,the negative impact of family involvement on patent applications is weakened,but family member composition does not have a significant moderating effect on the relationship between family involvement and R&D investment intensity.Further analysis shows that the number of invention patent applications decreases as the degree of family involvement increases,but family involvement has no significant effect on utility model patent and design patent applications.Family member composition has a significant moderating effect on the relationship between family involvement and invention patent applications.The results have value as a reference for exploring how family involvement affects firm innovation and can also help the actual controller to take effective measures to optimize family member composition and improve the innovation performance of family firms.

The effects and economic consequences of cutting R&D tax incentives

Research has documented the stimulating effect of R&D tax credits on R&D expenditure when enacting an R&D tax credit or raising the credit rate. However, the potential adverse effects and consequences of reducing R&D tax incentives remain unexamined. Using a cut in R&D tax incentives in Taiwan,we document the adverse effect of reducing the R&D credit rate on corporate R&D expenditure. The reduced R&D credit rate has a negative impact on the relation between corporate R&D expenditure and firm value. Our results highlight the adverse effects and economic consequences of reducing R&D tax incentives in an emerging economy.

嵌入期权定价理论的风险企业价值评估优化

在经济高质量发展的新时代,企业增长愈加迅速,其面临的投资机会也层出不穷,面对投资的不确定性以及未来现金流的难以预计,企业的风险价值将处于波动之中。为了更好地估计风险企业价值,结合国内外的研究,修正传统估值模型的弊端,推出更加精确的估值模型——期权定价模型。主要阐述B/S模型,并具体分析该模型的公式以及应用实例,充分体现该理论的优越性,最终得出比较精确的风险企业价值。

中国企业在美投资区位选择--产业集聚、华侨网络与企业异质性

China's outward foreign direct investment(FDI)is different from traditional FDI in various ways,for example being rooted in“Guanxi”in Chinese culture,influenced by govern-ment,and located in developed economies where they have limited ownership advantages compared with local firms.Chinese investment in the United States(the U.s.)is an example of how the location is influenced by economic factors,social linkages,as well as geopolitical events,such as the U.S.-China trade conflict,which deserves more academic attention.It is such a complex phenomenon that cannot be fully explained by traditional FDI theories,which mainly focus on economic factors.In this paper,we illustrate the historical development,distri-bution and firm heterogeneity of Chinese investment in the U.S.from 2000 to 2020,and use a conditional logit model to investigate the location factors.Our study reveals that the number of Chinese investment projects in the U.S.peaked in 2017 and has declined year-over-year since then.These projects are mainly located along the East and West coasts of the U.S.and around the Great Lakes,with the largest numbers in California and New York.Previous Chinese in-vestment agglomeration and ethnic networks both influence the location choice of China's outward FDl,even when controlling for regional attributes and economic embeddedness.In terms of firm heterogeneity,Chinese firms that enter the American market with greenfield in-vestment modes,state-owned enterprises and firms in high-tech sectors are more likely to fol-low previous Chinese investment,but place less emphasis on Chinese ethnic linkages,implying that previous Chinese investment agglomeration can replace the role of Chinese ethnic net-works for these firms.Finally,the U.S.-China trade conflict has significantly lessened the active role of Chinese ethnic networks and has reduced Chinese investment in states with higher in-dustrial output.

官员更替、银行授信与企业研发投入

利用官员更替数据匹配世界银行提供的关于中国企业营商环境质量调查数据,旨在从实证的角度探究官员更替、银行授信和企业研发投入之间的关系。研究发现,官员更替和银行授信都对企业研发投入具有显著的促进作用。此外,官员更替这种强烈的外生冲击会强化银行授信对企业研发投入的积极影响。不过,官员更替和银行授信对规模不同企业的研发投入的直接和交互影响存在着差异。上述结果表明,对于政策制定者而言,丰富和完善官员更替制度对加快实施创新驱动发展战略具有重要的实践意义。